Facts About Purchasing a HUD Home
What is a HUD Home?
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Who Can Buy A HUD Home?
Anyone who can qualify for a mortgage or who can pay cash may buy a HUD home. Owner occupants must live in the house as their primary residence for at least one year and may not purchase another HUD home as an Owner Occupant for two years. Buyers must use a broker or agent who is registered with HUD to place a bid on a property.
How Can I Place An Offer On A HUD Home?
Start by finding a participating real estate agent. Your real estate agent must submit your bid for you. Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and considered to be received simultaneously, and, basically, the highest acceptable net bid is accepted.
Where Can I Learn About Available HUD Properties?
Reasons You Should Consider A HUD Home
Right here! Please contact us at 877-906-6483 and one of our HUD Certified Agents will be happy to assist you to preview one of these homes, or any HUD Certified Agent in your area. Our listings are updated daily on our website, or you may also visit hudhomestore.com or sageacq.com for available properties.
- $100 down payment for FHA loans
- HUD will pay up to 3% in closing cost
- All homes have a "Clear Marketable Title"
- Officer/Teacher Next Door Program offers a 50% discount off the last listed price in homes located in HUD Designated Revitalization Areas
- Firefighter-Emergency Medical Technician Next Door Program offers a discount on homes located in the HUD Designated Revitalization Areas